Country profile
Turkey
A manufacturing base on Europe's edge, in a customs union with the EU, exporting vehicles, machinery and electrical equipment.
Updated 10 November 2026. Sources at the bottom of the page.
- Capital
- Ankara
- Population
- 85.9 million (2025)
- Currency
- Turkish lira (TRY)
- GDP, 2026
- US$1.82 trillion
- Exports, 2025
- US$273.4 billion
- Exchange rate
- 1 USD = 50.1 TRY (9 Nov 2026)
Economy
IMF World Economic Outlook, October 2026. 2026 and 2027 are IMF projections.
2.7%Real GDP growth, 2026
3.6%Real GDP growth, 2027
31.2%Inflation, 2026
8.2%Unemployment, 2026
22.5% of GDPGovernment debt, 2026
-2.9% of GDPCurrent account, 2026
Trade
Top export markets
Share of the country’s exports, 2025
- Germany (8.1%)
- United Kingdom (6.1%)
- United States (6%)
- Italy (4.8%)
- Iraq (4.5%)
Main exports
Product groups, share of exports
- Vehicles (13.4%)
- Machinery, including computers (9.5%)
- Electrical machinery and equipment (6.5%)
- Mineral fuels, including refined oil (5.6%)
- Gems and precious metals (4.9%)
Main trade agreements
- EU–Turkey Customs Union (industrial goods)
- UK–Turkey Free Trade Agreement
- EFTA–Turkey Free Trade Agreement
- Bilateral free trade agreements with more than 20 other countries
Trade policy to watch
- EU Customs Union: Turkish industrial goods enter the EU without tariffs, and Turkey applies the EU’s common external tariff.
- EU CBAM: Turkish steel, aluminium, cement and fertiliser exports to the EU need emissions data, and from 2026 the EU importer must buy CBAM certificates.
- Inflation and the lira: inflation is around 31% in 2026 and the lira continues to weaken, so prices in lira change quickly.
Energy
Turkey imports most of its natural gas and oil. Coal, gas and hydropower produce most of its electricity, and solar and wind are growing. Its first nuclear plant, Akkuyu, is under construction.
What it means for your supply chain
- Turkey is a nearshore option for Europe, with short transit times to EU markets.
- Agree prices in euros or US dollars, and review them often, because of high lira inflation.
- EU buyers of Turkish steel and aluminium need CBAM emissions data from their suppliers.
Sources
- IMF, World Economic Outlook, October 2026: GDP, growth, inflation, unemployment, government debt, current account (2026 and 2027 are projections).
- World Bank: population (2025).
- World’s Top Exports, 2025: export markets and main exports.
- Bank of Canada, daily exchange rates, 9 November 2026 (cross rates calculated from CAD rates).
- Energy Institute, Statistical Review of World Energy 2026: energy profile.
- European Commission, Carbon Border Adjustment Mechanism.
Figures are the latest published at the time of the update and may since have been revised. This page is for general information, not investment or legal advice.